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Glenmark Pharma arm files papers for IPO with Sebi

03:47 PM Apr 17, 2021 | Agencies

Glenmark Pharmaceuticals on Saturday said its wholly-owned arm Glenmark Life Sciences has filed preliminary papers for an initial public offer with market regulator Sebi.

Glenmark Life Sciences has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer, according to a regulatory filing.

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The offer comprises fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73,05,245 equity shares of Rs 2 each of Glenmark Life Sciences Ltd, by Glenmark Pharmaceuticals Ltd, the filing said.

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The board of directors of Glenmark Pharmaceuticals Ltd during its meeting on April 16 approved the offer for sale of up to 73,05,245 equity shares of Rs 2 apiece as part of the IPO.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations, the filing said.

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